Purchasing a new property is a significant investment in time and money. You’ve likely spent hours looking for the perfect house, searching online and touring in-person until you’ve found the one you’re ready to call home.
And if you’re like most homebuyers, purchasing a home is one of the greatest monetary transactions you’ll make throughout your life.
You don’t want anything to jeopardize your claim on your new home, now or several years in the future. And the truth is, while it’s relatively uncommon for an issue to suddenly arise regarding your ownership of your property, it can happen. The result could be significant fees and the loss of your financial investment and home.
That’s why title insurance is so important.
Most mortgage companies will require you to buy a lender’s policy that protects them against legal costs and mortgage payments you can’t make if you lose your home. But it won’t do anything to protect you.
While a buyer’s policy isn’t always mandatory, it’s always a good idea to take out title insurance on your home.
New Door Property Transfer can help you.
We provide title services and insurance for buyers who make the smart choice to protect their homes and investments against claims. Here’s how:
1. Ensure Clear Title
Before the official purchase of your home, New Door conducts a title search that helps make sure the person who currently owns the house does, in fact, possess complete ownership rights and can sell it to you.
The purpose of this title search is to uncover any issues with the past ownership of the home. We look through public records and legal documents to determine any problems that might exist, including lost, forged, or incorrectly filed deeds. Any deed issues could lead to unclear property rights, opening the possibility of ownership disputes.
New Door also looks for liens on the home, such as unpaid contractors, property taxes, or other dues and fees. Liens are rights against the property, so they can impede the sale of a home to a new owner.
Using New Door for your title company helps uncover any of these problems before you even buy your house, providing protection for your investment.
2. Smooth Transition of Ownership
When New Door completes the title search, we either deem the title to be clear, or share discrepancies we uncover.
A clear title is necessary for a real estate transaction to occur. It establishes who owns the property and therefore has the legal right to sell it. If our title search results in a clear title, you should experience a smooth transition of ownership as you purchase your new home.
If we uncover discrepancies, such as liens or other parties who could possibly claim ownership of the property, you can make the informed decision about allowing the seller to resolve the issues or walk away from the sale.
New Door helps protect your home by providing this piece of mind through our title search process.
3. Assistance with Future Claims and Disputes
Even though a title company conducts a title search, there’s no guarantee that a problem won’t arise in the future. This is why owner’s title insurance is so important.
Unrecorded liens, fraud, or conflicting wills could suddenly mean you’re faced with unforeseen fees or the loss of your property. With title insurance through New Door, you’ll have protection against any claims and disputes after you’ve purchased your home.
For example, a long lost heir to a previous owner could resurface and argue he or she has a legal claim to ownership of your property. Or a previous owner’s unpaid taxes on the home could suddenly be your financial burden.
If you encounter litigations about your property, New Door title insurance policies provide coverage to pay off undiscovered liens, defense in lawsuits, and possible cash settlement for the cost of your property if it turns out someone else can claim rightful ownership of your home.
None of these situations are ideal, and it can be overwhelming to consider that you might lose the investment you made on your home. After all, it isn’t your fault if a previous owner failed to pay a lien or forged the title.
But with New Door, you can have peace of mind that the title to your house is clear, and that we’ll provide you with the coverage necessary to protect your ownership and investment in your home.
For more information on New Door Property Transfer, and all of the services New Door has to offer, visit New Door today.